Company Background
An Act of Parliament formed Fiji Development Bank on 1st July 1967 to provide finance for projects that contribute to the development of the Fiji economy and to improve the quality of life for the people of Fiji. Loan funds are provided for Agricultural, Industrial and commercial projects. The government also uses the FDB, as a financial instrument in its development projects/plans and special assistance programmes that may be necessary from time to time.
By virtue of its developmental role, FDB funds projects that carry some level of risk. However, the government supports such activities through interest subsidies and guarantees, so that the Bank�s sustainability is not jeopardized.
Over the years FDB has introduced a range of loan packages and services aligning it with customer demands. At the same time, the FDB has the challenging task of matching its competitiveness level with that in the banking and finance sector.
Over the years, the Bank has played a significant role in developing the various economic sectors of the country.
Mission
Provide finance, financial and advisory services to assist in the economic development of Fiji and in particular in the development of agriculture, commerce and industry.
Vision
To be the leading development financing institution in Fiji and in the South Pacific
BOARD OF DIRECTORS
- Mr. Ian Chute (Director)
He is the General Manager for Celtrock Holdings Limited. He has experience in Agriculture and Fishing.
- Mrs.Sereana Qoro (Director)
Holds a Bachelor of Arts (Accounting/Economics), and Master in Business Administration from University of the South Pacific. Current employment is with Basic Industries Ltd and Fiji Industries Ltd as General Manager Finance & Adminstration/ Company Secretary. She is also a Board Member with Fiji Electricity Authority, Capital Market Development Authority and Higher Salaries Commision.
- Mr. John Samisoni (Director)
He is the Managing Director for Corporate Management Services Limited, commonly known as the Hot Bread Kitchen. He attained his Arts Degree from the University of Queensland in Australia.
- Mr. Solomoni Vosaicake (Director)
He is the Director for Munia Holdings Limited and holds an Education Degree from Australia. He is also a retired school teacher.
- Mr Steven Pickering (Director)
Holds a Bachelor of Commerce Degree from Auckland University. He is also a qualified member of the Fiji Institute of Accountants. Has work experience with Price Water House and Earnest & Young Accountants.
- Mr Sam Foy Chung (Director)
Graduated with a New Zealand Teachers Certificate. Has various work experiences in teaching from 1968- 1978. Currently runs his own business.
- Mr Ian Hawthorn (Independent Director)
- Tukana Bovoro
Graduated with a Bachelor of Arts Degree majoring in Accounting and Management. Work experience with Fiji Development Bank (22 years) and Colonial National Bank then joined Bank of Palau. Rejoined Fiji Development Bank as Chief Executive Officer in 2003.
- David Aidney (Chairman)
He is also the Chief Executive Officer of William and Gosling
10 Mrs Taina Ravutu (Director)
Has 30 years work experience in the travel industry. Qualifications with IATA Accredited Travel Agent, and is a Managing Director of her own business called Taina�s Travel Services Ltd.
Fiji Development Bank Today
Until recently the FDB depended on Government to finance its operations. Apart from guaranteeing lines of credit for the Bank, Government also provided yearly capital grants until the mid-nineties. Capital grants have been infrequent since, although Government continues to pay annually the cost of loan subsidies and certain guarantee provisions.
Following the phasing out of grants, FDB undertook measures to ensure its sustainability. It expanded into commercial products and services. As a result FDB now has a more diversified portfolio, and these products and services generated earnings, which assist in sustaining the Bank�s core business of financing higher risk development projects. There is a delicate balance in FDB�s portfolio mix - of commercial income generating projects and high-risk development projects. The mix ensures that the Bank not only achieves its mission of providing finance to assist in the economic development of Fiji, but also achieves its corporate objective of being self-sustaining. The Bank is wary of maintaining a healthy equilibrium at all times.
In an ideal situation, where source of funding is not an issue, the Bank would be in a position to focus solely on its developmental role. As long as FDB is responsible for obtaining its own sources of funds, it will continue to juggle its developmental role and pure commercial focus.
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